05:11 PM EST, 11/20/2024 (MT Newswires) -- US benchmark equity indexes closed mixed Wednesday as traders evaluated the latest corporate earnings and remarks by Federal Reserve officials.

The Nasdaq Composite fell 0.1% to 18,966.1, while the Dow Jones Industrial Average rose 0.3% to 43,408.5. The S&P 500 was little changed at 5,917.1. Consumer discretionary saw the steepest decline among sectors, while health care led the gainers.

The S&P 500 and its companies' earnings are poised to get a boost next year amid stronger-than-projected US economic growth and policies aimed at lowering regulatory costs, Wells Fargo Investment Institute said in a note to clients. The firm expects the index to end 2025 in a range of 6,500 to 6,700, up from its prior 6,200 to 6,400 outlook. It raised its S&P 500 per-share earnings view to $275 from $270.

In company news, Target ( TGT ) shares slumped 21%, the worst performer on the S&P 500, after the retailer slashed its full-year earnings outlook amid soft consumer discretionary spending trends. The company's fiscal third-quarter results came in below market estimates.

Artificial intelligence server maker Super Micro Computer ( SMCI ) saw the biggest drop on the Nasdaq and the second-steepest on the S&P 500, down 8.7%.

Keysight Technologies ( KEYS ) shares jumped 8.8%, the best performer on the S&P 500. Late Tuesday, the electronics test and measurement equipment manufacturer issued an upbeat fiscal first-quarter outlook and reported better-than-expected results for the preceding three-month period.

CoStar Group ( CSGP ) was the top gainer on the Nasdaq and among the best on the S&P 500, up 5.8%.

The US two-year yield rose 4.9 basis points to 4.32% Wednesday, while the 10-year rate gained 3.5 basis points to 4.41%.

Although most price indicators point to ongoing progress in the disinflation process, "I anticipate bumps along the road," Fed Governor Lisa Cook said. "I still see the direction of the appropriate policy rate path to be downward, but the magnitude and timing of rate cuts will depend on incoming data."

Separately, Fed Governor Michelle Bowman said policymakers should proceed cautiously with rate cuts amid uncertainty around available data and risks to achieving price stability.

Boston Fed President Susan Collins said "while the final destination is uncertain, I believe some

additional policy easing is needed, as policy currently remains at least somewhat restrictive."

All three Fed officials said that monetary policy is not on a preset course.

West Texas Intermediate crude oil fell 0.6% to $68.95 a barrel Wednesday.

Commercial crude stockpiles in the US increased by 500,000 barrels to 430.3 million barrels through the week ended Friday, the Energy Information Administration said. The consensus was for a decrease of 85,000 barrels, according to a Bloomberg poll.

Gold rose 0.9% to $2,653.50 per troy ounce, while silver fell 1% to $30.94 per ounce.